When There Is Allocative Efficiency in a Purely Competitive Market

question 16

Multiple Choice

When there is allocative efficiency in a purely competitive market for a product, the minimum price producers are willing to accept is

• A)less than marginal benefit.
• B)greater than marginal cost.
• C)equal to the amount of efficiency or deadweight losses.
• D)equal to the maximum price consumers are willing to pay.

---

Definitions:

Personal Hygiene

Practices and routines aimed at maintaining one's body cleanliness and health for personal well-being and social reasons.

Physical Abuse

Intentional use of physical force against another person, resulting in injury, pain, or impairment.

Alcoholic

A person who suffers from alcoholism, a chronic disease characterized by uncontrolled drinking and preoccupation with alcohol.

Hits

Instances of accessing or visiting a particular piece of content or website on the internet.